Exxon Mobil Sparks Shareholder Row With Climate Lawsuit; Climate Action 100+ Sees Changes
In recent developments, ExxonMobil has sparked controversy by suing two of its shareholders for climate-related resolutions. Meanwhile, the global initiative Climate Action 100+ faces changes in its membership, with some prominent asset managers leaving the network.
ExxonMobil has taken a controversial action by filing a lawsuit against two of its shareholders, Follow This and Arjuna Capital, for submitting a climate resolution. This move has raised concerns about shareholder rights, with Cynthia Hanawalt of the Sabin Center for Climate Change Law warning that it poses a threat to these rights. The case is expected to progress on Wednesday, February 21, with ExxonMobil responding to the motion to dismiss.
ExxonMobil's lawsuit against climate-conscious shareholders has raised concerns about shareholder rights, while Climate Action 100+ faces changes in its membership. Despite some prominent exits, the initiative maintains a substantial signatory base committed to its cause. The outcome of Exxon's lawsuit and the future of Climate Action 100+ remain to be seen.
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